Chengdu Wintrue Holding Co.Ltd(002539) (002539)
event:
On December 28, 2021, the company announced that Yingcheng Xindu Chemical Co., Ltd., a wholly-owned subsidiary of the company, signed the letter of intent on investment cooperation with Yingcheng people's Government of Hubei Province on December 24, 2021, which agreed that Yingcheng Chemical Co., Ltd. would invest in the construction of "green transformation and product structure adjustment and upgrading project of salt chemical circular economy industrial chain" in Yingcheng, And enjoy the corresponding preferential policies for investment promotion projects.
Key investment points:
Supplement the "salt alkali fertilizer" integrated industrial chain
Yingcheng Chemical Co., Ltd., a wholly-owned subsidiary of the company, signed the letter of intent on investment cooperation with Yingcheng people's Government of Hubei Province on December 24, 2021. Yingcheng Chemical Co., Ltd. plans to invest in the construction of "green transformation and product structure adjustment and upgrading project of salt chemical circular economy industrial chain" in Yingcheng salt chemical industrial park. At the same time, Yingcheng people's government will give policy support and preferential treatment to the project. The total investment of the project is expected to be 7.5 billion yuan, mainly including 600000 tons of water-soluble compound fertilizer, 400000 tons of slow and controlled-release compound fertilizer, 700000 tons of refined salt 200000 tons of sodium bicarbonate (sodium bicarbonate), 50000 tons of melamine; 300000 tons of sodium bicarbonate and 700000 tons of synthetic ammonia are reconstructed and expanded; 300000 tons of light alkali is transformed into heavy alkali; supporting special lines for intelligent storage and logistics. The construction period of the project is 36 months and is expected to be put into operation by the end of 2024. The company cooperates with Yingcheng people's government to invest in the construction of green transformation of salt chemical circular economy industrial chain and product structure adjustment and upgrading project It is mainly based on the background that the state vigorously promotes the "double carbon" strategy and industrial upgrading to meet the needs of the company's "salt alkali fertilizer" industrial chain filling, product structure adjustment and upgrading and market expansion, and continue to expand and strengthen its main business.
The price of fertilizer products remained high, and the profitability of the company remained at a high level
According to wind data, on December 27, 2021, the price of monoammonium phosphate was 2800 yuan / ton, up 37.93% compared with the beginning of the year; On December 28, 2021, the price of sulfur based compound fertilizer was 2961.9 yuan / ton, an increase of 41.86% over the beginning of the year; The price of chlorine based compound fertilizer is 2850 yuan / ton, which is 50% higher than that at the beginning of the year; According to the data of Baichuan Yingfu, the price of yellow phosphorus was 39222 yuan / ton, and the annual average price was 26516.91 yuan / ton, a year-on-year increase of 154.32%. Affected by the dual carbon policy and dual control of energy consumption, the new capacity of yellow phosphorus and monoammonium phosphate will be limited in the future. At present, the prices of phosphorus fertilizer and compound fertilizer are at a historical high. It is expected that the prices of the company's main products will remain high and volatile in the future, and the company's profitability will also remain at a high level.
The layout of new energy has been continuously promoted, and the advantages of integrated development are obvious
On September 3, the company announced the investment and establishment of yuntu new energy, It also invested in the construction of 350000 tons of battery grade iron phosphate and 300000 tons of wet process phosphoric acid (converted to pure), 300000 tons of refined phosphoric acid, 1.5 million tons of phosphate ore beneficiation, 1 million tons of sulfur to sulfuric acid, 600000 tons of slow and controlled release compound fertilizer, 1 million tons of phosphogypsum comprehensive utilization and 20MW waste heat power generation. On October 25, the company issued an announcement on participating in the investment in Jiangsu Tibetan green new energy industry development fund. The company plans to use its own monetary fund of RMB 500 million to subscribe for Jiangsu Tibetan green new energy industry The partnership share of the industry development fund partnership shall become the limited partner of the partnership. The company's entry into the iron phosphate track will further extend the company's industrial chain and form a complete industrial chain of "phosphate rock phosphoric acid iron phosphate". At the same time, it can expand the scale of the company's compound fertilizer and phosphorus chemical industry, with good industrial synergy, which is conducive to further consolidating the company's competitive advantage in the industrial chain and improving the market competitiveness.
Profit forecast and investment rating: the company is the leader of low-cost compound fertilizer. It is estimated that the net profit attributable to the parent company in 2021, 2022 and 2023 will be RMB 1.006 billion, RMB 1.426 billion and RMB 1.542 billion respectively, corresponding to 12.21, 8.61 and 7.96 times of PE respectively, maintaining the "buy" rating.
Risk warning: risk of crop loss caused by natural disasters; The risk of repeated fermentation of global epidemic affecting downstream demand; The supply of chemical fertilizer increased on a large scale; Safety and environmental protection risks; Risk that the project construction progress is less than expected.
